EX-12 4 wtm10-k123115ex12.htm EXHIBIT 12 Exhibit


Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)
 
 
Year Ended
 
 
2015
 
2014 (1)
 
2013
 
2012
 
2011
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items
 
$
154.9

 
$
(29.0
)
 
$
158.6

 
$
97.9

 
$
55.7

Interest expense on debt
 
18.6

 
15.6

 
16.2

 
18.6

 
23.6

Interest portion of rental expense
 
6.1

 
5.1

 
5.3

 
6.1

 
7.8

Earnings (loss)
 
179.6

 
(8.3
)
 
180.1

 
122.6

 
87.1

Interest expense on debt
 
18.6

 
15.6

 
42.5

 
18.6

 
23.6

Interest portion of rental expense
 
6.1

 
5.1

 
5.3

 
6.1

 
7.8

Fixed charges
 
24.7

 
20.7

 
47.8

 
24.7

 
31.4

Ratio of earnings to fixed charges
 
7.3

 
—

 
3.8

 
5.0

 
2.8

(1) Earnings were inadequate to cover fixed charges by $29.0 for the year ended December 31, 2014.